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Coconut extracts market is expected to witness significant growth in the foreseeable future. The coconut comprises mainly of vitamin E and saturated fat. The broad applicability of coconuts and its extracts in various food products such as chocolates, cookies, and smoothies, have gained higher traction in the last few years. The powdered or desiccated form of coconut extracts is used in cookies and cakes to give it a toasty, sweet, and creamy taste. The desiccated coconut is also used in curries and other food preparations to add flavor as well as for decoration purposes. Coconut extracts are incorporated in various fortified drinks like pina colada and daiquiris to enhance their texture and flavor. These features have aided in driving the global coconut extracts sector.
The coconut extract-based cosmetics and personal care products have gained traction due to its soothing and softening properties coupled with its mild aroma. The coconut extracts also have antifungal and antibacterial traits. Thus, utilized in various skin and hair care products. The rising trend among the consumers for natural plant extracts as an ingredient in cosmetics and personal care products has positively impacted the coconut extracts market.
Key Market Driver -
Wide Incorporation in Food and Fortified Beverages
Key Market Restraint -
Presence of Coconut Products
The diverse application of coconut extracts in the foodservice sector, along with its use in the personal care industry, has aided in driving the market. There is an increasing awareness about the natural extracts based products with growing demand from the developed economies, which has consequently fuelled the global coconut extracts sales performance.
The presence of other coconut products like coconut oil, water, cream/milk, possessing similar properties as coconut extracts, and the availability of those products in large quantities compared to the extracts stands as a significant restraint for the global market.
The leading players operating in the coconut extracts market are Natural Value Inc., McCormick & Company, Inc., Castella Imports, Frontier Co-op., LorAnn Oils, Sauer Brands, Inc., Flavorganics, LLC., and Savory Spice.
The liquid form of coconut extract is widely incorporated in the food and fortified beverages due to its easy dissolvability. The powdered form of coconut extracts is used in bakery and confectionery items to impart the flavor as well as enhancing the texture and mouthfeel. The cosmetics and personal care application sector are leading for the coconut extracts due to its amalgamation with other fragrant oils in various blends of massage and hair oils. The growing utilization of coconut extracts in lip care products and hair oils has positively aided in its market growth.
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Asia Pacific region is the leading global market for coconut extracts owing to the significant coconut producers such as Indonesia, the Philippines, and India. The wide availability of coconuts as raw material for its extracts in the region has positively impacted the market growth. The utilization of coconut extracts in various Asian cuisines has also aided in its global sales performance. North America is expected to witness significant growth owing to the rising awareness about the health benefits of coconut extracts. The increasing trend of fortified foods and drinks is favoring the utilization of coconut extracts. North America is the second-largest importer of coconut extracts after China.
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